| SENS Note - 20 June 2016 |
| MTN - appointment of group president and others |
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The MTN Group board advises that following the successful resolution of the Nigerian dispute, it has completed the review of its governance and management structures in accordance with its undertaking to do so. The appointment of new executives and the expansion of the roles of others, together with the appointment of additional non-executive directors, details of which are set out hereunder, will achieve the objective of strengthening management, enhancing governance and aiding strategy in the group. Appointment of group president and CEO The company advises that after conducting an extensive global search for a candidate suited to the demands of the group's future strategy, the board has resolved to appoint Rob Shuter as the new group president and CEO. Rob may commence as soon as it is practically possible in 2017 but not later than 1 July 2017 after the completion of his current contractual obligations. Appointment of VP M&A and Strategy With a view to increasing the company's focus on new revenue streams MTN announces the appointment of a new VP M&A and Strategy effective 1 October 2016. The appointee has a wealth of banking experience. His substantial commercial experience will assist in the formulation of a revised strategy for MTN, particularly in the area of convergence between mobile telephony and financial services. His name will be announced before 30 June 2016. Appointment of VP South & East Africa To enhance further the governance and depth of experience of the business operations, Godfrey Motsa has been appointed by the countries in the SEA Region (excluding South Africa) to oversee the operations in those regions with effect from 1 July 2016. Appointment of non-executive directors The company resolved to refresh the board, deepening the commercial experience on both the group and MTN SA boards with a view to improving the risk and governance profile of the group. The company announces the following new board appointments, which the company believes will contribute to the company achieving these objectives:- MTN Group with effect 1 August 2016
MTN South Africa with effect 1 July 2016 MTN is also announces the appointment to the board of MTN South Africa, which is a wholly owned subsidiary of MTN :-
Chairman Phuthuma Nhleko assumed the position of Executive Chairman on 9 November 2015 in order to resolve the very difficult challenges that the company experienced at the time. Given the appointment of Rob Shuter as Group President and CEO, Phuthuma will revert to his role as non-executive Chairman as soon as Rob assumes his new position as soon as is practicably possible. Until then, in order to facilitate a smooth transition MTN Group CFO, Brett Goschen, and the new VP M&A and Strategy, will assume clearly defined additional responsibilities under the guidance of the Executive Chairman. Phuthuma remains fully committed to the MTN Group and will continue to provide the necessary leadership as non-executive chairman for the next two and a half years when he plans to step down as chairman. |
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